With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal.
But when even a small interest rate reduction means potential savings of thousands of dollars, is a simple phone call really enough to get you there?
In 2019, “Your interest rate should have a three in front of it”, is common advice for home owners considering the competitiveness of their loan settings.
But while a number of lenders offer lower rates to new customers, it’s not always so simple for existing customers to secure the same outcome.
A leading mortgage and finance broker says that if people want a better deal on their mortgage,
there are basically two options:
And although the first option is commonly recommended, lenders aren’t always so obliging when it comes to rate-matching to get you a more affordable mortgage.
“As an existing client, it can be disheartening to see your bank offer new customers a lower rate to the one you currently have.
“Lenders regularly try to ‘win’ new customers by offering low rates. It is a great acquisition strategy.
“But if they refuse to match your current rate to this new offer, you can always contact a broker and refinance with a lender who is hungry to win your business.”
Mortgage brokers, on average, have access to a panel of 34 lenders and this creates competition amongst lenders. Mortgage brokers are also in a position to offer you a more in-depth and customised level of service. This can allow them to find their customers a mortgage product that may suit their current needs, wants and circumstances.
Refinancing involves reviewing your current mortgage, and potentially swapping your loan to another lender who can better meet your current needs, wants and circumstances…Read More
Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal...Read More
There are 10 Reasons to Refinance. Save Money on Interest cost, Lowering your repayments and paying off your home faster, and if you want to access the equity of your home…Read More
Once you’ve determined your needs and done your research, including speaking to a broker, beginning to refinance will be straightforward. Your broker will evaluate your circumstances and help you submit your application…Read More
A lot of small debts can balloon into one big headache. A simple way to get things under control could be to refinance your home loan to consolidate debt. So – is it right for you?…Read More
1. Current mortgage – Understanding what you have, Find out about your existing loan, repayments, interest rate and current loan structure…Read More
Your full financial situation will need to be reviewed prior to acceptance of any offer or product.
MBM Mortgage Pty Ltd trading as Maverick Finance | ABN 28 149 301 084 | Credit Representative 403019 is authorised under Credit License 389328
This website provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.